Kenyan-based financial technology firm, Cellulant Corporation, is now valued at $105 million, following the recent sale of some 44.4% stake in the company to TPG’s Rise Fund, an American investment company.
This development was announced last week in a report that was filed with the Competition Authority of Kenya (CAK).
Cellulant first hinted at this deal in May 2018, when it announced that it had secured a $47.5 million Series C funding from the American private equity firm, Rise Fund.
The venture capital was raised to make to enable the company scale up digital payments across Africa. Thi is biggest fund ever raised by a Kenyan technology firm.
According to the report by the Competition Authority of Kenya, the investment from the US company also involves co-investment firm, Endeavor Catalyst, and Africa-focus equity firm, Satya Capital.
About Cellulant Corporation
The company is a Payment Platform Infrastructure Service Provider (PPISP) co-founded by Kennedy Njoroge and Bolaji Akinboro. The company provide platform that powers the internet of payments, ensuring easy, reliable, and secure access to mobile and payment services from mobile phone.
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Since its establishment in 2004, Cellulant has dedicated resources to provide solutions to everyday payment challenges across Africa, opening branches in 11 sub-saharan countries namely: Kenya, Nigeria, Ghana, Uganda, Zambia, Mozambique, Tanzania, South Africa, Zimbabwe, Botswana and Malawi.
The financial services company currently partners twenty eight mobile operators, some thirty one banks, and more than two hundred blue chip companies.
A recent company report shows 15 million Nigerian farmers under the Growth Enhancement Support Scheme in Nigeria utilizes Cellulant’s ecosystem to make equity contributions to about 2500 agro-dealers and 223 upstream operators.
Also, Liberia Ministry of Agriculture for the Liberia Agriculture Transformation Agenda in conjunction with the African Development Bank (AfDB) are collaborating with Cellulant to leverage on e-wallet technology to serve over 318,000 farmers.
About TPG Rise Fund
TPG Rise Fund is an investment firm that focuses on global and social development through funding. Based in United States, the company provides financial opportunities to companies, including small and medium enterprises, with objectives to have a social impact on growth and community development.
The venture capital firm formed in 2017 by TPG Growth, was co-founded by William E. McGlashan, Paul David Hewson, Jeffrey Stuart Skoll and Akinyemi Lalude to achieve measurable, positive social and environmental outcomes, with focus on competitive financial returns.
Rise Fund invests in agriculture, information, telecommunications, education, healthcare, technology, energy, food, financial services, growth infrastructure, and media.
The company’s $47.5 million deal with Cellulant is rated as the largest involving a fintech company with African focus.